Oil below $ 37 with stockpiles grow despite a freeze on production plans


March / March 2, 2016 18:00

Oil below $ 37 with stockpiles grow despite a freeze on production plans

LONDON (Reuters) - Oil continued its decline below $ 37 a barrel on Wednesday after crude inventories data in the United States showed a record level despite the support of the ore from producers plans to deal with a glut of supply.

The US crude stocks jumped 9.9 million barrels last week, according to data from the American Petroleum Institute issued after the settlement on Tuesday. In comparison , analysts forecast in a Reuters poll growth stocks 3.6 million barrels.

At 1419 GMT , Brent crude for May delivery 19 cents to $ 36.62 a barrel. The price reached its highest level in two months to $ 37.25 on Tuesday.

US crude was down April delivery 35 cents to $ 34.05 a barrel after the highest price recorded in the month on Tuesday.

Oil prices have risen over the last two weeks after it recorded its lowest level in 12 years , below $ 30 a barrel between late January and mid - February to speculation that the market decline may have reached a crescendo.

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